Nexxen International (NASDAQ:NEXN) Sees Strong Trading Volume – Time to Buy?

Nexxen International Ltd. (NASDAQ:NEXN) saw unusually-strong trading volume on Wednesday . Approximately 154,081 shares were traded during trading, an increase of 93% from the previous session’s volume of 79,681 shares.The stock last traded at $7.96 and had previously closed at $8.23.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NEXN shares. Royal Bank of Canada boosted their price target on shares of Nexxen International from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC restated a “buy” rating and set a $12.00 price target on shares of Nexxen International in a report on Thursday, March 6th. Finally, JMP Securities restated a “market outperform” rating and set a $22.00 price target on shares of Nexxen International in a report on Monday, January 27th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Nexxen International Trading Down 3.3 %

The firm has a market cap of $464.85 million, a P/E ratio of 183.25 and a beta of 1.91. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.04. The firm’s 50-day simple moving average is $15.37 and its 200 day simple moving average is $16.55.

Nexxen International announced that its Board of Directors has approved a stock repurchase program on Wednesday, March 5th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Nexxen International

Several hedge funds have recently added to or reduced their stakes in NEXN. Quadrature Capital Ltd bought a new stake in Nexxen International in the third quarter worth about $123,000. Tidal Investments LLC raised its position in shares of Nexxen International by 4.6% in the third quarter. Tidal Investments LLC now owns 48,072 shares of the company’s stock valued at $386,000 after purchasing an additional 2,125 shares during the period. JPMorgan Chase & Co. raised its position in shares of Nexxen International by 24.3% in the third quarter. JPMorgan Chase & Co. now owns 57,998 shares of the company’s stock valued at $466,000 after purchasing an additional 11,346 shares during the period. GAMMA Investing LLC raised its position in shares of Nexxen International by 2,021.9% in the fourth quarter. GAMMA Investing LLC now owns 8,424 shares of the company’s stock valued at $84,000 after purchasing an additional 8,027 shares during the period. Finally, Advisors Preferred LLC bought a new stake in shares of Nexxen International in the fourth quarter valued at approximately $69,000. Institutional investors own 54.24% of the company’s stock.

About Nexxen International

Nexxen International Ltd. provides end-to-end software platform that enables advertisers to reach publishers Israel. The company’s demand side platform (DSP) offers full-service and self-managed marketplace access to advertisers and agencies to execute their digital marketing campaigns in real time across various ad formats.